December 7th – By CountingPips.com – Receive our weekly COT Reports by Email
Copper Non-Commercial Speculator Positions:
Large precious metals speculators cut back on their bearish net positions in the Copper futures markets for the first time in four weeks, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of -37,707 contracts in the data reported through Tuesday December 3rd. This was a weekly change of 855 net contracts from the previous week which had a total of -38,562 net contracts.
The week’s net position was the result of the gross bullish position (longs) advancing by 3,059 contracts (to a weekly total of 64,225 contracts) while the gross bearish position (shorts) rose by a lesser amount of 2,204 contracts for the week (to a total of 101,932 contracts).
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Copper speculators trimmed their bearish bets after having added to bearish positions in the previous three weeks (by a total of -15,251 contracts). The copper speculative standing continues to remain very bearish overall and is above the -35,000 net contract level for a third consecutive week.
Copper Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 35,628 contracts on the week. This was a weekly drop of -1,010 contracts from the total net of 36,638 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Copper Futures (Front Month) closed at approximately $262.30 which was a fall of $-7.45 from the previous close of $269.75, according to unofficial market data.
*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets.
The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators).
Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).
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